Victory Capital Management Inc. Reduces Position in 8×8, Inc. (NASDAQ:EGHT)

Victory Capital Management Inc. reduced its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 28.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,018 shares of the company’s stock after selling 12,619 shares during the quarter. Victory Capital Management Inc.’s holdings in 8X8 were worth $71,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of EGHT. Susquehanna Fundamental Investments LLC purchased a new position in shares of 8X8 during the 1st quarter valued at approximately $732,000. Vanguard Group Inc. increased its position in 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares during the period. Boston Partners increased its stake in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after acquiring an additional 3,073,230 shares during the period. Acadian Asset Management LLC lifted its holdings in 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after acquiring an additional 1,279,145 shares during the last quarter. Finally, First Eagle Investment Management LLC acquired a new position in shares of 8X8 in the 1st quarter valued at $1,482,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Wall Street Analyst Weigh In

EGHT has been the subject of a number of research reports. Morgan Stanley lowered 8X8 from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $3.00 to $2.00 in a research report on Friday, June 14th. StockNews.com cut 8X8 from a “buy” rating to a “hold” rating in a report on Saturday, August 17th. Wells Fargo & Company lowered their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Friday, June 21st. Barclays reduced their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Needham & Company LLC reduced their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.83.

8X8 Price Performance

Shares of EGHT opened at $1.96 on Wednesday. The stock has a 50 day simple moving average of $2.18 and a 200 day simple moving average of $2.37. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.92. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market capitalization of $245.74 million, a PE ratio of -3.56 and a beta of 1.55.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) EPS. Sell-side analysts predict that 8×8, Inc. will post -0.08 EPS for the current fiscal year.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.